FWIW - I would not recommend attempting to wet sand latex paint. I paint almost exclusively with latex and I have never been able to wet sand latex without the paint "balling" up. I have had SOME success using polishing compund on WELL CURED latex paint (minimum 4 months old ),

If you will be using a glow engine do not forget to clear coat the paint. With a gasser you will be OK with just the latex by itself.